BMO emailed me offering a "pre-approved" Personal Line of Credit for $20k.

I have absolutely zero need for this, but would it help increase my credit rating?

Also, what is a decent rate for a Personal Line of Credit. I don't own a property, renting only.

Always take Pre-approved credit! It's harder to get it when you actually need it. Whats the rate they offered you? I'm probably going to call tomorrow and try to get a better rate and slightly larger limit.

Whats the rate they offered you? I'm probably going to call tomorrow and try to get a better rate and slightly larger limit.

Prime + 3.53%.

Is that any good? Sounds pretty average to me.

Interestingly, they emailed me in July offering 10k @ Prime + 4.53%, which I never responded to. Then this month they double it to 20k and offer Prime + 3.53%. Maybe if I wait another 3 months they'll offer me $40k @ 2.53%

Interestingly, they emailed me in July offering 10k @ Prime + 4.53%, which I never responded to. Then this month they double it to 20k and offer Prime + 3.53%. Maybe if I wait another 3 months they'll offer me $40k @ 2.53%

Anyone know if decent rates exist if you just apply without an special offer? Have an old LOC from RBC with a ridiculously high rate that I dont use, wouldn't mind getting a better rate elsewhere.

You can also ask your bank to lower your rate based on your history with the bank. I've done this a few times and almost every time it works. They can usually shave a point off in the branch without even going out for approval. I got almost 3% shaved off once.

You can also ask your bank to lower your rate based on your history with the bank. I've done this a few times and almost every time it works. They can usually shave a point off in the branch without even going out for approval. I got almost 3% shaved off once.

Problem is that the CL rate is like 9.5%, so I would need to cut more than a few points to make it useful.

I am pre-approved for 30K unsecured LOC @ prime+4.49 by RBC. I called to negotiate, the first person I talked to said she will have to do a complete application to see if they can offer me a lower rate and I was transferred to a second person. He said they have already offered me a good rate and there are very less chances that the rate will go down even if they do a complete application which means a hard-check. How do i negotiate a better rate, any suggestions?

I received the offer from scotiabank for 10k at p+2.45. I don't have any plans to use it in the near future but I would like to have it just in case. I think I read somewhere awhile ago that people can use td loc as a chequing account where they deposit money before using it so they don't get charged interest? Is this something doable wiith scotiabank?

I received the same offer from Scotia but for $20K. Haven't accepted it yet, but i probably will.